DC's K streetWASHINGTON, DC–In the third quarter of 2018, the Washington DC office construction pipeline decreased to 5.2 million square feet with 57% of that pre-leased, according to Transwestern's third-quarter 2018 outlook report. However, it remains above the five-year average of 4.5 million square feet at 42% pre-leased, with the bulk of the pipeline – 1.36 million square feet – concentrated in the Central Business District.
Year to date 2018, 2.7 million square feet has delivered in the District of Columbia at 63% pre-leased upon delivery.
“The robust pipeline for new deliveries in the Central Business District is a result of a shift in demand toward the West End, which is going to further impact second-generation, Class A space in the East End,” said Transwestern Executive Vice President George Vogelei.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
